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Direct Materials Conversion Beginning work in proces Units Percent Complete Percent Complete Direct materials $ 18,550 Conversion 2,280 $ 20,830 Beginning work in process inventory
Direct Materials | Conversion | ||||||||||||||
Beginning work in proces | Units | Percent Complete | Percent Complete | ||||||||||||
Direct materials | $ 18,550 | ||||||||||||||
Conversion | 2,280 | $ 20,830 | Beginning work in process inventory | 2,000 | 100% | 20% | |||||||||
Units started this period | 32,500 | ||||||||||||||
Costs added this period | Completed and transferred out | 32,000 | |||||||||||||
Direct materials | 357,500 | Ending work in process inventory | 2,500 | 100% | 60% | ||||||||||
Conversion | 188,670 | 546,170 | |||||||||||||
Total costs to account for | $ 567,000 | ||||||||||||||
UNITS | |||||||||||||||
Whole Units | Equivalent Units | ||||||||||||||
Direct Materials | Conversion | ||||||||||||||
Units to account for: | |||||||||||||||
Beginning work in process | 2000 | ||||||||||||||
Units started this period | 32500 | ||||||||||||||
Total units to account for | 34500 | ||||||||||||||
Units to be assigned costs: | |||||||||||||||
Beginning work in process | 2000 | 0 | 1600 | ||||||||||||
Units started and completed | 30000 | 30000 | 30000 | ||||||||||||
Ending work in process | 2500 | 2500 | 1500 | ||||||||||||
Total units accounted for | 34500 | 32500 | 33100 | ||||||||||||
Costs | |||||||||||||||
Direct Materials | Converstion | Total | |||||||||||||
COSTS | |||||||||||||||
Cost per equivalend unit: | |||||||||||||||
Costs added this period | $ 357,500 | $ 188,670 | $ 546,170 | ||||||||||||
Equivalent units of production | 32500 | 33100 | |||||||||||||
Cost per equivalent unit of production | $ 11.00 | $ 5.70 | |||||||||||||
Costs assigned to production: | |||||||||||||||
Beginning work in process | $ 18,550 | $ 2,280 | $ 20,830 | ||||||||||||
Costs added this period | $ 357,500 | $ 188,670 | $ 546,170 | ||||||||||||
Total costs accounted for by the Molding dept. | $ 376,050 | $ 190,950 | $ 567,000 | ||||||||||||
Costs allocated to completed and partially | |||||||||||||||
completed units: | |||||||||||||||
Beginning work in process | $ 18,500 | $ 2,280 | $ 20,830 | ||||||||||||
To complete work in process | $ - | $ 9,120 | $ 9,120 | ||||||||||||
Costs of completed July 1 work in process | $ 18,550 | $ 11,400 | $ 29,950 | ||||||||||||
Started and completed in July | $ 330,000 | $ 171,000 | $ 501,000 | ||||||||||||
Transferred out in July | $ 348,550 | $ 182,400 | $ 530,950 | ||||||||||||
Inventory in process, July 31 | $ 2,750 | $ 8,550 | $ 36,050 | ||||||||||||
Total costs accounted for | $ 376,050 | $ 190,950 | $ 567,000 | ||||||||||||
Cost of Production Report- FIFO Method | |||||||||||||||
For Month Ended July 31 |
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